Student Loan Consolidation Info - An Intro To Student Loan Consolidations

When thinking of college graduation, our minds turn to several life changes that will occur. The thought of a new career, the independence from school, as well as many other new beginnings. There is also the thought of repaying your student loans, which is not a pleasant thought for most graduating students.

Many students and their parents are put off at the thought of repaying their student loans. The Public Interest Research Group found that in the US, the average debt load of student borrowers is over $16,500. Also worth knowing is that the Associated Press reports that students graduating from a public college or university owe more than $10,000 just for their undergraduate years. For private institutions the average is $14,000 and the graduate-level students can owe more than $24,000. Can you imagine what it would be for those students who are studying medicine or law? It is hard to imagine the amount of debt they will accumulate before finishing their education. The worst part about it all is the fact that repaying these debts are getting harder with the uncertainty of jobs available.

Those of you who are graduating with a large debt load should take advantage of the current interest rates being so low and get a student loan consolidation. Graduates have the possibility of saving thousands of dollars by consolidating all your student loans into one consolidated loan. Make sure you know your options for managing your student debt load once the repayment period begins.

What is a Student Loan Consolidation?

A student loan consolidation is when you take all of your outstanding student loans and combine them into one loan. This allows you to take the different interest rates that have been assigned to your student loans over the years and get them all at the same interest rate to lower your monthly payment or elevate the repayment period.

There are different reasons for applying for a student loan consolidation but the most common are to save money, make a smaller monthly payment, get a fixed interest rate, and receiving a new or renewed deferments of the loan.

Student consolidation loans have many benefits and should be looked into carefully to make sure you get the loan with the most benefits available. You can lock in an interest rate for the next 10 years with a student loan consolidation. You may have noticed that your current student loans have variable rates that raise when interest rates go up. This is a great way to save thousands of dollars over the life of your loan.

Ian Wilkie is a published expert author of many Student Loan Consolidation Informationis articles and owner of - http://www.mystudentloanconsolidationinformation.com your one-stop online resource for Student Loan Consolidation Info.